new Delhi. Unlocking process is going on in a phased manner in the country and economic activities are being allowed in a sequential manner. In such a situation, the monthly economic report of the Department of Economic Affairs (DEA) says that the worst time of the economy seems to have passed, because the key indicators are showing improvement.
The July report released on Tuesday said that the Industrial Production Index (IIP), Purchasing Manager Index (PMI), power generation, steel and cement production, railway freight, traffic at major ports, other than e-way bill generation Indicators show that economic activity is gaining momentum.
The report says that the worst of the time seems to have ended with unlocking in India, as high-intensity indicators show a recovery in the badly hit economy in April 2020. The report, however, states that the risk situation remains high due to increasing cases of Kovid-19 and intermittent lockdown in the states. It says that the growth momentum will come from rural India in the coming months.
The report said that the agriculture sector could be helpful in reducing the impact of the epidemic on the Indian economy in FY 2020-21, based on the forecast of a normal monsoon. The report further states that with the timely and active relaxation of lockdown for this sector, rabi crops were harvested easily and kharib sowing has also increased.
It states that farmers have received about 75,000 crore rupees from record procurement of wheat, which will encourage private consumption in rural areas. Since September 2019, the terms of trade have shifted in favor of agriculture and rural demand has increased.
This post was published on August 5, 2020 12:25 pm
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